Blue Star’s Total Income grows 41% to Rs 2270 crore in FY08. Net Profit surges by 145%.

Financial Performance for 2007-08

* Central airconditioning and commercial refrigeration major Blue Star Limited reported Total Income of Rs 2270.09 crore for the year ended March 31, 2008, representing 41% growth over previous year. Net Sales for the year at Rs 2233.04 crore were up by 39% over FY07.
* Operating profit (PBIDT excluding Other Income) for the year doubled to Rs 234.49 crore.
* Net Profit at Rs 174.09 crore showed outstanding growth of 145% compared to Rs 71.18 crore in FY07.
* Earnings per share for FY08 (Face value of Rs 2.00) stood at Rs 19.36 vis-à-vis Rs 7.91 in the previous year
* Carry Forward Order Book as on March 31, 2008 climbed to Rs 1135 crore compared to the order book of Rs. 755 crore as at March 31, 2007.

Dividend

* The Board of Directors has recommended a dividend of Rs 7.00 per equity share (350%) including a Special Dividend of Re 1.00 per share compared to Rs 3.00 paid last year.

Segment-wise performance for 2007-08

Blue Star performed impressively in all 3 lines of business.

* The large central airconditioning and packaged airconditioners business accounting for 70% of total revenues, grew by a healthy 38% during FY08. Segment results surged by 84% in the year compared to the previous year. Apart from infrastructure led central airconditioning projects, telecom shelter airconditioning products and newly introduced variable refrigerant flow systems also contributed to growth.
* The cooling products segment also registered excellent growth of 43% in the year driven by exceptional sales of split airconditioners as well as commercial refrigeration products. Segment results jumped by 128% in the year.
* The professional electronics and industrial systems business continued to contribute significantly to the profitability of the Company. The business grew by a solid 38% during FY08, with segment results registering growth of 50%.

Performance For Q4FY08

* Total income for the quarter ended March 31, 2008 at Rs 744.19 crore, grew by 36% over the corresponding quarter in the previous year. Net Sales for the quarter at Rs 708.14 crore, climbed by 30% over the corresponding quarter of the previous year.
* Net Profit for Q4FY08 reached Rs 70.36 crore, an increase of 107% over Q4FY07.
* During Q4, the Company acquired the electrical contracting business of Naseer Electricals Pvt. Ltd. The impact on the operating performance during the quarter was not material.

Outlook

Ashok M Advani, Chairman and Managing Director says “2007-08 was, by far, the best year in Blue Star’s 65-year old history. Record top-line growth, lower costs and tight operational control have led to this exceptional financial performance. We have achieved steadily improving results over a number of years in a competitive market and this gives me confidence that Blue Star will sustain its momentum of high growth and profitability in the current year.”

Sourced From: Pressman India

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